Kuwait Lifts Cash Limits

Published: August 5, 1991

KUWAIT, Aug. 4—
The Central Bank of Kuwait has lifted all restrictions on currency withdrawals and transfers, and depositors have showed confidence in the economy by choosing not to exchange dinars for dollars, officials said.

The Central Bank's Governor, Sheik Salem Abdulaziz al-Sabah, said on Saturday that depositors and companies were free to withdraw or transfer abroad whatever amount they wanted.

The bank, fearing a huge capital flight, imposed a monthly ceiling of 4,000 dinars, or about $13,500, on all withdrawals and foreign-currency transfers after Iraqi forces left the emirate on Feb. 28. It later eased the limit to 6,000 dinars, or about $20,000.

There had been widespread fears that clients would swamp the banks on Saturday. But bankers reported business was normal.